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The conflict between unlimited desire or demand and a limited amount of resources.
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
Which of the following would be considered a NATURAL resource.
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
Economics is the study of how people manage _________________.
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
When you and your family go out to eat in a restaurant, you are consuming __________________.
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
Which of the following would be an example of a consumer?
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
What sort of physical capital would a carpenter need to build a house?
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
The skills and talent of a professional basketball player would be considered which of the following factors of production?
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
Which of the following illustrates an economic response to the problem of scarcity?
Making sure that everyone at your birthday party has at least one piece of cake.
available resources
Human Capital
BOTH a good AND a service
A boy that buys a video game.
Scarcity
a hammer
wood
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